Oil prices will creep up from current levels as major producer group OPEC+ maintains restrictions on supplies, but economic headwinds will keep them below $90 a barrel this year, a Reuters poll showed on Wednesday.
A survey of 43 economists and analysts forecast Brent crude would average $84.73 a barrel in 2023, down from the $87.1 consensus in April and current levels of around $73.
Worries around robust monetary tightening, bank failures in the U.S., the risk of a U.S. debt default and China's uneven economic performance have limited the market's upside even though it falls into deficit in the second half of the year, Matthew Sherwood, lead commodities analyst at EIU, said.
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